If you’re looking for a savings account in Singapore that offers competitive interest rates, CIMB Singapore might be the right choice for you. With an interest rate of up to 0.80% for their Junior Saver Account and up to 3.55% for their SGD Fixed Deposit, CIMB Singapore offers some of the most attractive interest rates in the market. Their FastSaver account also offers high-interest savings with no multiple conditions.
CIMB Singapore is a subsidiary of CIMB Group, one of the largest banks in Southeast Asia. They offer a range of savings accounts, fixed deposit accounts, and current accounts to meet the needs of their customers. CIMB Singapore’s savings accounts are designed to help you grow your savings faster, with competitive interest rates and flexible tenures. They also offer additional banking services such as online banking and mobile banking for added convenience.
Overall, if you’re looking for a bank that offers competitive interest rates and a range of savings accounts to choose from, CIMB Singapore might be worth considering. With their focus on customer satisfaction and additional banking services, they aim to make banking as easy and convenient as possible for their customers.
Key Takeaways
- CIMB Singapore offers some of the most competitive interest rates in the market for their savings accounts and fixed deposit accounts.
- They offer a range of savings accounts, fixed deposit accounts, and current accounts to meet the needs of their customers.
- CIMB Singapore also offers additional banking services such as online banking and mobile banking for added convenience.
Understanding CIMB Savings Accounts
If you’re looking for a savings account in Singapore that offers competitive interest rates, CIMB is definitely worth considering. With two main savings account options, CIMB StarSaver and CIMB FastSaver, you can choose the account that best suits your needs.
CIMB StarSaver Accounts
CIMB StarSaver is a savings account that offers a competitive interest rate, calculated daily and credited at the end of the month. The account requires an initial deposit of $1,000 and is designed for individuals who want to earn a higher interest rate on their Singapore dollar deposits.
With CIMB StarSaver, you can enjoy the convenience of online banking, and access your account anytime, anywhere. This account also allows you to set up a monthly savings plan, making it easier for you to save regularly.
CIMB FastSaver Accounts
CIMB FastSaver is another savings account option that offers a competitive interest rate of up to 3.50% p.a. on your deposits. With CIMB FastSaver, you can enjoy the convenience of fast and easy online account opening, and no minimum balance requirement.
This account also allows you to top up your account easily, either by FAST transfer from another bank account or by filling in a monthly funds transfer application form. Interest is accrued daily and credited at the end of the month, allowing you to earn more on your savings.
Both CIMB StarSaver and CIMB FastSaver accounts offer daily interest, which means that you earn interest on your entire daily balance, provided that the balance is at least $1,000 in your CIMB Junior Saver Account on any given day.
In conclusion, CIMB Singapore offers competitive savings accounts that are designed to help you grow your savings and earn more on your deposits. With the convenience of online banking, easy account opening, and no minimum balance requirement, CIMB StarSaver and CIMB FastSaver accounts are definitely worth considering.
Interest Rates and Benefits
If you’re looking for a savings account with competitive interest rates, CIMB Singapore has you covered. With attractive fixed interest rates across a wide range of tenures and deposits starting as low as S$1,000, you can enjoy high interest rates while growing your savings.
Accrued Daily and Credited Monthly
With CIMB Singapore, you can enjoy interest accrued daily and credited monthly. Daily interest will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB Junior Saver Account on any given day. This means that you can earn interest on your savings every day, helping you to maximise your returns and reach your financial goals faster.
CIMB Clicks Internet Banking
CIMB Clicks Internet Banking is an online banking platform that allows you to manage your savings account from anywhere, anytime. With CIMB Clicks, you can view your account balance, transfer funds, pay bills, and more. This makes it easy to keep track of your savings and manage your finances on the go.
In addition to competitive interest rates and convenient online banking, CIMB Singapore also offers a range of other benefits, including automatic renewals, multiple tenures, and low initial deposits. So if you’re looking for a savings account that offers high interest rates and great benefits, CIMB Singapore is the perfect choice.
Account Eligibility and Requirements
Documentation for Account Opening
To open a CIMB savings account, you will need to provide the following documents:
- NRIC/Passport
- Proof of Residential Address
- Supporting Documents
The proof of residential address can be any of the following:
- Utility bill (e.g. electricity, water, gas)
- Bank or credit card statement
- Government-issued letter
Eligibility Criteria for Account Holders
Singaporeans/PRs and Malaysians residing in Singapore are eligible to open a CIMB savings account. To be eligible, you must be at least 16 years old.
There are no minimum deposit requirements for opening a CIMB savings account, and you can start earning high interest rates of up to 3.50% p.a. from the first dollar.
With no multiple conditions to meet, you can enjoy the flexibility to manage your savings, and the convenience of online banking.
Overall, CIMB Singapore offers a simple and hassle-free way to grow your wealth with attractive interest rates. So, what are you waiting for? Open a CIMB savings account today and start earning high interest rates on your savings!
Deposit Insurance Scheme
When you deposit your money into a bank, it is important to know that your money is safe and secure. CIMB Singapore understands this, which is why they offer the Deposit Insurance Scheme. This scheme is designed to protect your deposits in the event of a bank failure.
Protection for Your Deposits
The Deposit Insurance Scheme covers Singapore dollar deposits of non-bank depositors up to S$75,000 in aggregate per depositor per Scheme member by law. This means that if the bank fails, you will be able to recover your deposits up to the insured amount.
It is important to note that foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured under the Deposit Insurance Scheme. However, Singapore dollar deposits of non-bank depositors, and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme, are insured by the Singapore Deposit Insurance Corporation for up to S$75,000 in aggregate per depositor per Scheme member by law.
So, if you are looking for a safe and secure place to deposit your money, CIMB Singapore is the right choice for you. With the Deposit Insurance Scheme, you can be sure that your deposits are protected, and you can enjoy peace of mind knowing that your money is safe and secure.
Additional Banking Services
When it comes to banking, you want to ensure that you have access to a range of services that can meet your needs. CIMB Singapore offers a variety of additional banking services that can help you manage your finances with ease.
Digital Banking Solutions
CIMB Singapore provides digital banking solutions that allow you to manage your accounts from anywhere, anytime. With CIMB Clicks, you can access your account, pay bills, transfer funds, and more. You can also download the CIMB Clicks app on your mobile device for added convenience. Additionally, CIMB Singapore offers a digital token that provides an added layer of security when making transactions online.
Branch and Customer Support
CIMB Singapore has branches located throughout the city-state, making it easy to access banking services when you need them. You can also request a call back from a CIMB representative to discuss your banking needs. If you prefer to speak to an expert in person, you can visit one of CIMB Singapore’s branches for assistance.
CIMB Singapore also offers an ATM card that allows you to withdraw cash and check your account balance at any CIMB ATM in Singapore and globally. You can also receive your bank statement through the CIMB Clicks portal or via mail.
Overall, CIMB Singapore offers a range of additional banking services that can help you manage your finances with ease. Whether you prefer to bank online, in-person, or through a mobile device, CIMB Singapore has you covered.
Frequently Asked Questions
How can I calculate the interest for CIMB savings accounts in Singapore?
Calculating interest on CIMB savings accounts in Singapore is easy. You can use the simple interest formula to calculate the interest earned on your savings account. Multiply the principal amount with the interest rate and the time period. The formula is as follows: Interest = Principal x Interest Rate x Time Period.
What are the current interest rates for CIMB StarSaver accounts?
As of November 1, 2022, the interest rate for CIMB StarSaver accounts is 0.5% per annum for the first S$75,000 and 0.75% per annum for balances above S$75,000.
What interest does the CIMB FastSaver Account offer?
The CIMB FastSaver account offers a competitive interest rate of up to 0.8% per annum with no lock-in period and no minimum balance required. Interest is accrued daily and credited monthly.
What are the latest fixed deposit rates offered by CIMB Singapore?
As of November 1, 2022, CIMB Singapore is offering fixed deposit rates ranging from 0.5% to 1.1% per annum, depending on the amount and tenure of the deposit.
How can one open a CIMB account online in Singapore?
You can easily open a CIMB account online in Singapore by visiting the CIMB website and filling out the online application form. You will need to provide your personal and contact details, as well as your identification documents.
Are there any updates on the fixed deposit rates in Singapore for 2023?
As of now, there are no updates on the fixed deposit rates in Singapore for 2023. However, CIMB Singapore regularly reviews its interest rates and updates them accordingly. Keep an eye on CIMB Singapore’s website for the latest updates on fixed deposit rates.